Medalist Diversified REIT Inc. (MDRR), a real estate investment trust, has gained an increase of 6.93 percentage points and is trading at $1.08 at the time of the writing. During Tuesday’s regular trading session, the stock slightly increased by 2.28 percentage points and closed the day at $1.01. The surge in aftermarket came as soon as the company announced the repurchase of its common stock.
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Share Repurchase Program
On Tuesday, MDRR announced the repurchase of its 268,070 shares. The repurchase came in wake of the company’s decision in December 2021 to allow the management to purchase a maximum of 500,000 shares of the company’s common stock in the open market, the maximum share price being $4.80 per share. The company said that the timing of share repurchase depended on lots of factors, the most prime being the current assessment of the capital needs of the company.
MDRR CEO Letter to Shareholders
In mid-January, MDRR issued a letter to its shareholders. The letter was from the CEO and Chairman of the company, Thomas E. Messier. The letter highlighted the company’s achievements during fiscal 2021, as well as shedding a light on some of the developments which hindered the growth of the company. Looking towards the future, the letter stressed that the company is building a strong track record and it is looking for opportunities to strengthen its capital structure.
Announcement of Cash Dividend
In late December, the Board of Directors of MDRR declared a dividend on its 8% Series-A Cumulative Redeemable Preferred Stock for Q4 2021. The dividend was $0.5 per share. The company said that the Series-A dividend would be payable to the holders of Series-A Preferred Stock in cash on 20th January 2022.
What’s Ahead for MDRR?
Stats reveal that MDRR stock has not experienced much fluctuation during the last couple of months. As for the future, the company holds several negative signals at this point, and hence, is expected to perform poorly in the upcoming few weeks.